Commercial Services and Supplies
Company Overview of Consumer Financial Protection Bureau
Consumer Financial Protection Bureau is an independent bureau providing consumers with financial markets information. The bureau aims to implement and enforce consumer financial laws, review business practices, monitor the financial marketplace, and establish consumer website and hotline to address the complaints and questions. Consumer Financial Protection Bureau was formed in 2010 and is headquartered in Washington, District of Columbia.
PO Box 4503
Iowa City, IA 52244
Founded in 2010
Key Executives for Consumer Financial Protection Bureau
Acting Deputy Director and General Counsel
Assistant Director of Mortgage and Home Equity Markets
Compensation as of Fiscal Year 2015.
Consumer Financial Protection Bureau Key Developments
Consumer Financial Protection Bureau Pushes Back in PHH Lawsuit Over Marketing Agreements
Nov 10 15
Consumer Financial Protection Bureau is pushing back against a lawsuit from PHH Corp. that claims the agency erred in overturning an administrative law judge's recommendation to limit the amount of penalties it could face. An administrative judge ruled that PHH had to disgorge $6.4 million for its involvement in an alleged reinsurance kickback scheme. But CFPB Director Richard Cordray overruled the recommendation, claiming it was too lenient for violations of the Real Estate Settlement Procedures Act. After PHH filed suit in the U.S. Court of Appeals for the District of Columbia Circuit, the CFPB fired back in a filing last week in which it said a disgorgement that low would not effectively penalize the lender. It is seeking to force the company to disgorge $109 million, the total amount of money the agency claims lenders received from the kickback scheme. PHH could not be reached for immediate comment. However, the mortgage lender previously said it disagrees with the CFPB director's ruling.
Consumer Financial Protection Bureau Changes Policy on Appeals Process
Nov 4 15
The Consumer Financial Protection Bureau announced that it had revised the process by which companies can appeal a supervisory action. The policy changes were mentioned as part of the agency's latest Supervisory Highlights report, which focused on exam concerns in the servicing of student loans and mortgages as well as debt collection and credit reporting problems. The revisions apply to appeals that were made on exams emailed on or after Sept. 21. As part of the revisions, the CFPB expanded the number of agency staff who can participate on the appeals committee and extended the timeframe to issue a written decision from 45 to 60 days. The CFPB has also limited oral presentations only to issues raised in a written appeal and said it will no longer allow companies to appeal adverse findings on a pending matter until that action has been resolved. Overall, the CFPB said student loan servicers are maximizing fees by applying payments unfairly when a borrower makes a partial payment and has multiple loans. In such cases, the servicer is often not telling borrowers that they could choose which loans to pay down or that they could face late fees.
The Consumer Financial Protection Bureau Fines $48.3 Million on Westlake Services and Wilshire Consumer Credit for Deceptive Collection Tactics
Oct 1 15
The Consumer Financial Protection Bureau hit Wilshire Consumer Credit and Westlake Services with $48.3 million in fines and restitution, accusing it of deceptive collection tactics. The agency said that Westlake Services and Wilshire Consumer Credit called consumers under false pretenses and used phony caller ID information in an effort to collect on debts. The companies also allegedly falsely threatened to refer borrowers for investigation or criminal prosecution and illegally disclosed information about debts to borrowers' employers, friends and family. The CFPB ordered the companies to provide $44.1 million in cash relief and balance reductions to affected customers and pay an additional $4.25 million in civil money penalties. The agency said the companies' debt collectors altered called ID information for outgoing calls to make it appear that they were calling from other companies, including repossession firms.
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